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PDL - Pendal Group

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I hooked into these things over 5 years ago when they were less than two bucks. At the time BTIM only had about $40 Billion under management.Last time I looked, they pull that much in, every 6 months or so.Quite the performer for patient,long term shareholders.Now,with the MP over $9,they have just completed their SPP at $8.20.Not much left over for mums and dads,so I'm expecting to be scaled back to buggery in the maximum ten grand allowed. At least Westpac shareholders got to double up....sometimes you get lucky if you take the time to read the fine print in the PDF.
 
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I hooked into these things over 5 years ago when they were less than two bucks. At the time BTIM only had about $40 Billion under management.Last time I looked, they pull that much in, every 6 months or so.Quite the performer for patient,long term shareholders.Now,with the MP over $9,they have just completed their SPP at $8.20.Not much left over for mums and dads,so I'm expecting to be scaled back to buggery in the maximum ten grand allowed. At least Westpac shareholders got to double up....sometimes you get lucky if you take the time to read the fine print in the PDF.

What's the double up fine print for WBC shareholders? Anyway it's a plus to see more free floats for BTT
 

System

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On May 4th, 2018, BT Investment Management Limited (BTT) changed its name and ASX code to Pendal Group Limited (PDL).
 

greggles

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PDL up 9.48% today, smashing through resistance at $8 to finish the day at $8.20 following the release of its financial results for the year ended 30 September 2019.
Statutory net profit after tax was $154.5 million for the 12 months to 30 September 2019, which compared to $202.0 million for the previous year. Cash net profit after tax (Cash NPAT) and cash earnings per share (Cash EPS) decreased by 19 per cent over the same period, to $163.5 million and 51.3 cents per share (cps), respectively.

The result was characterised by significantly lower performance fees, which were down 89 per cent from $54.5 million in the previous corresponding period (pcp) to $5.9 million. Base management fees declined a modest four per cent as funds under management (FUM) remained broadly steady and fee margins contracted two basis points to 49 basis points (bps) due to a change in asset mix. Operating profit pre-performance fees of $198.5 million was eight per cent lower compared to pcp.

A final dividend of 25.0 cps has been declared, bringing total full year dividends to 45.0 cps.

screenshot-stocknessmonster.com-2019-11-06-19-03-10.png


Not much of a comment from me other than this result was clearly better than the market expected. The lower performance fees, as a result of fund outflows and funds that unperformed their benchmarks, resulted in an almost $50 million reduction in net profit.

big.chart-PDL.gif
 
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I jumped into PDL earlier this month and it is a losing trade for me at the moment -3%

Now it came up in a new scan today and I will be watching closely.

Looking for wave 2 to be completed
It has been in the oversold territory and it is making another break so we will see if it has enough momentum.

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Following last month's heavily oversubscribed $ 190 Million Share Placement for Institutional shareholders, Pendal has now received $218 Million in the S.P.P. at $6.80, from the plebs. This amount will be scaled back to the same $190 Million, as in the Placement.
These 10,118 shareholders (representing just 37% of those entitled to take up the offer) holding a minimum 1500 shares, will not be scaled back . Shareholders averaged $19,000 in their applications, up to the $30,000 limit.
Although the new shares won't come with the 17 cent dividend paid on the 1st of July (dividend has to be declared in the current 2020-21 tax return), that's a nice little profit on today's $8.00 S.P.
 
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Decided to buy some PDL today. Overall I think at good deal at $6.96 although would have been a lot better yesterday at $6.76..... :-(

Still, remains 10 % down on last weeks price and seems to to have some things going for it:
- Mornignstar (via ANZ bank) are suggesting EPS of 48c for 2021 and 58c for 2022 and a target/fair price of around $9.00
- Vanguard recently bought 5 % of company on 8/10 for $8.00 per share
- Director Chris Jones bought $88k worth on market in August

What do you guys think, hold or unload if opportunity presents?
 
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Today's annual result was pretty good. 24 cent dividend payable next month is up 9% on last year. S P at $ 6.95 today .Tuesday's $ 6.59 may have been the bottom.
 

Dona Ferentes

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SPP shareholders averaged $19,000 in their applications, up to the $30,000 limit.
Although the new shares won't come with the 17 cent dividend paid on the 1st of July (dividend has to be declared in the current 2020-21 tax return), that's a nice little profit on today's $8.00 S.P.
and now $6.90

Pendal has benefited from a quadrupling of performance fees and the successful integration of US funds management group Thompson, Siegel & Walmsley (TSW), acquired for $413million in July.

The deal doubled Pendal’s US funds under management to (FUM) $62.5 billion and helped total FUM climb 51 per cent to $139.2 billion after what Pendal called the strongest 12-month growth for equity markets in 30 years.

The TSW acquisition also creates a long-term opportunity to generate new FUM by doubling Pendal’s addressable market in the US,” said CEO Nick Good.
“It was intentionally driven by our commitment to growing in the US and is expected to deliver double-digit earnings accretion in its first year.”

Pendal stated 42 per cent of its FUM ranked in the top quartile of investment performance versus peers over the financial year, with average FUM reaching $522.8 billion in FY 2021. Despite the rising FUM, net outflows for the year hit $3.7 billion.

In addition to TSW, we’ve done a tonne of work on our strategic priorities around strengthening our distribution, expanding our product set particularly in ESG and responsible investing, and a lot of behind-the-scenes work in our product platform,” Mr Good said.

Pendal will pay a final dividend up 11 per cent to 24¢ per share to take total dividends to 31¢ per share. EPS was up 17% to 48.2c
 
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What am I missing about this company?

It's just a fairly boring funds manager isn't it? And yet the share price seems to be in freefall with a 20% plunge at one point today.

Not a stock I hold, just came to my attention.

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greggles

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What am I missing about this company?

It's just a fairly boring funds manager isn't it? And yet the share price seems to be in freefall with a 20% plunge at one point today.

$6.8 billion in fund outflows in the December quarter. It looks oversold at these levels, but it's probably wise to take a wait and see approach.

PDL140122.png
 

Dona Ferentes

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Pendal Group CEO, Nick Good, said,

“It has undoubtably been a disappointing quarter in terms of ourf lows. However, we are responding with a clear set of actions and have delivered strong performance fees in line with those recorded in the prior year."

yes, but.
 
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announced a drop in funds under management

i hold PDL ( bought @ $2.30 and the cash rescued as BTT , )
It's just a fairly boring funds manager isn't it?
apart from the international exposure , nothing that special , ( at least JHG can brag about Bill Gross in the team )

was ALMOST tempted to grab some extra today , BUT ( imho ) the UK is a basket case , rivaling the EU , and remember the over-reaction with MFG and am wondering if the 'smart money ' is fleeing the funds on a larger scale

so i have a fair chance of picking some of these even cheaper
 
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I'm wondering about the bigger picture about where the money is flowing/going, and is this sort of thing more widespread than I'm realising?
Between this, Magellan and another event a month or 2 ago (large funds pulled from yen haven to euro haven), I'm wondering if this small subset is indicative of a bigger picture?
 
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